GST Practitioner : Eligibility, Functions, Enrollment and Filing of Returns

The Goods and Services Tax law provides for appointment of GST tax practitioners (tax return preparer) to file GST returns on behalf of taxpayers. The taxpayer can authorize any tax practitioner approved by Government to perform GST filing activities on behalf of the taxpayer. In this article, we will discuss the functions of tax practitioner, eligibility … Read more

Unique Document Identification Number (UIDN) for Chartered Accountants (CAs)

Institute of Chartered Accountants of India (ICAI) will keep records of attestations by CAs. As per the latest ICAI notification, ICAI has launched new system to generate a new unique identification Number to keep track and records of attestations and certifications done by CAs. This will help the Institute to track all the certifications and also … Read more

All about E-Way Bill under GST (Procedure for Transportation of Goods)

Update: E-way Bill will be applicable from 1st February on transportation of all goods having value more than Rs. 50000 In the earlier VAT regime, the States have various check-posts on borders and highways to monitor the movement of goods. The officer can verify the goods and relevant documents to ensure that proper duties have … Read more

What Is GST and How Does It Work – Detailed Guide With Infographics

GST Implementation in India and Its Impact GST is proposed to be implemented with effect from 1st July 2017. Implementation of Goods and Services Tax (GST) in India is one of the biggest reforms in the field of taxation. It is estimated that implementation of GST will boost the GDP by 1.5% to 2%. GST will … Read more

GST on Export of Goods and Services

The export of goods and services is very important for every country, therefore the Government ensures that the exports are made duty free. The Government provides various incentives to promote exports and also provides the refund of duties paid on inputs and input services used for the manufacture of exported goods. Treatment of Exports Under GST  … Read more

How to Record GST Transactions in Accounts – Journal Entries

Accounting Treatment Under GST GST will not only subsume the existing indirect taxes such as Service Tax, VAT, Excise, CST etc. but also simplify business and accounting processes. Initially, there may be certain transitional issues but in long term, it will ensure more transparency in business reporting and compliance. In the GST regime, a taxpayer … Read more

All About Accounts and Records to be Maintained Under GST Law

Under the Goods and Services Tax law, the taxpayer is required to maintain certain documents, accounts, and records in respect manufacturing, trading or provision of services. In this article, we will discuss all the aspects related to maintenance of Accounts and Record under GST. Types of Accounts and Records Required GST The registered taxpayer should … Read more

GST Registration/Migration Process For Existing Taxpayers (Service Tax, Excise and VAT)

Enrolment Requirement For Existing Assessees : Why to Enroll on GST Portal All existing taxpayers registered under the Central Excise, Service Tax, State Sales Tax or Value Added Tax (VAT), Entry Tax, Luxury Tax and Entertainment Tax are required to provide their details at GST Common Portal ( managed by GSTN for the purpose of … Read more

GST on Import of Goods and Services

How Imports are treated under Current Tax Regime In the current tax regime, the import of goods and services are taxable under Custom, Excise, and Services Tax Laws. Import duties such as Custom Duty, Countervailing duty (CVD equivalent to Excise Duty) and Special Additional duty (SAD equivalent to VAT) are levied on import of goods and … Read more

GST Returns : Types, Due Date, Forms and Salient Features [With Infographics]

GST Returns Filing Requirements For Regular Taxpayers [Infographics]   GST Return: Type of Return, Due Date, and Forms Return Due Date Form Outward Supplies   10th of next month   GSTR -1   Inward Supplies   15th of next month   GSTR-2   Summary return for all taxable persons except specified herein under   20th … Read more